Have foreign account, never went $10,000. Do I need to declare something? TurboTax asking Deluxe, what it will declare? should I go back & choose no account. 2018 jointly

[smali29]

Marriage filing jointly 2018, I have foreign bank join account with spouse (regular checking or saving), never went above $10,000 threshold. 

Do I need to file something like Form 8938  or FBAR? 

TurboTax asking Deluxe, what it will declare? if declaration not required. Will it declare account with no declarable amount ?

Is it safe to go back & choose no foreign account, to fix deluxe requirement, I am not sure, if it will miss some tax requirement and may end up in plenty ?

Total US income less then standard deduction. Filing for other reasons. 

[DanaB · Accepted solution]

If you have a foreign account you will have to file Schedule B part III (which is not included in TurboTax Free Edition) to answer the question that you had a foreign account. If the foreign account was below $10,000 you will not have to file Form 8938 or FBAR.

[smali29]

Thank you for immediate response.
You mean foreign account must be declare in Schedule B part III as per IRS requirement, regardless its below threshold level and declaration not required?  And we should not miss that part ?

Or this is extra optional step Turbo tax will  perform ?

[DanaB]

Yes,the foreign account has to be declared in Schedule B.

[smali29]

I am impress with quick answers.. My tax form is completed I will submit using deluxe. Thank you so much.  

Thanks for screen shot too, my understanding I don't need to file FinCEN 114  and Turbo tax do not file 114 too.

[DanaB]

correct no FINCEN 114 and if you ever need to file it it is separate from TurboTax

[smali29]

Thank you so much for great quick help!